Industry Awards
iGaming Fraud Increased 64% YoY: Sumsub Shares Alarming Data in 2024 iGaming Fraud Report
Sumsub, a global full-cycle verification platform, released its 2024 iGaming Fraud Report, with updated identity fraud numbers and predictions for the industry. According to findings, the most popular fraud schemes in the iGaming industry are bonus abuse, affiliate fraud, illegitimate chargebacks, money laundering and account takeovers.
Key findings of Sumsub’s 2024 iGaming Fraud Report include:
- Between 2022 and 2024, fraud in the online gaming sector increased 64% year-over-year on average.
- By country, Bangladesh leads the fraud charts in Q1 2024 with a whopping 8.5% of all applicants being fraudsters, followed by Indonesia (8%), South Korea (6.6%), Pakistan (6.1%), and Bosnia and Herzegovina (6%).
- Selfie mismatch is the most frequent type of fraud attack in gaming, representing 73% of all detected fraud in Q1 2024.
- AI-powered deepfake scams are advancing at unprecedented rates, having grown 10x between 2022 and 2023.
- Money muling remains the most widespread fraud scheme.
“Due to the growth of sophisticated scams and increase in the overall fraud rates in the iGaming industry, simple KYC checks are no longer a guarantee of players’ genuine personas and platforms’ robust protection. To ensure companies best avoid fraud scenarios and remain safe and compliant, they must deploy user identity verification at the onboarding stage in addition to betting pattern analysis and ongoing transaction monitoring,” Kris Galloway, Head of iGaming Product at Sumsub, said.
According to Statista, in 2024, the revenue of the online gambling market is expected to exceed $100B. By 2029, the number of users is predicted to reach 281.3M globally. Between 2022 and 2023, fraud losses for mobile casinos and betting platforms totaled $1.2B. With regulations becoming stricter, leading to millions in fines paid by iGaming platforms every year and license revocations, it is obvious that businesses that choose to settle for minimal defenses will likely suffer heavy financial and reputational losses.
“A combined approach is the best bet against advanced iGaming fraud. Every step of the user lifecycle must be protected—from initial sign-ups to the withdrawal stage. That involves KYC, behavioral intelligence, device fingerprinting, database checks, and more. Sumsub combines all the necessary checks within its full-cycle verification platform tailored to the needs of gaming platforms and operators, ensuring advanced fraud protection and a smooth player journey,” Andrew Novoselsky, CPO at Sumsub, said.
The post iGaming Fraud Increased 64% YoY: Sumsub Shares Alarming Data in 2024 iGaming Fraud Report appeared first on European Gaming Industry News.
Industry Awards
Galaxsys Wins SiGMA Europe Award for ‘New Casino Game of 2024’ with Tower Rush
Galaxsys is proud to announce that its latest game release, Tower Rush, has been named “New Casino Game of 2024” at the SiGMA Europe Awards.
The SiGMA Europe Awards celebrate the best in innovation and excellence across the iGaming industry, bringing together industry leaders to recognise the year’s top performers. Galaxsys is proud to be among this year’s winners, with its new turbo game, Tower Rush, receiving its first award as “New Casino Game of 2024”.
Tower Rush, a unique blend of strategy and thrill, has quickly gained popularity across multiple regions. The game’s unique mechanics challenge players to think strategically while keeping the gameplay fun and intuitive.
By making quick decisions and balancing risk and reward, players build an endless chain of floors, stacking them to achieve the highest possible odds. This combination of intuition and strategy has made Tower Rush a standout addition to Galaxsys’ portfolio.
Hayk Sargsyan, CEO of Galaxsys, expressed his excitement about the award: “Tower Rush is one of those games that we knew would be a hit from the start, but it has far exceeded our expectations by winning the SiGMA Europe Award less than six months after its launch. It’s incredibly rewarding to see the hard work and dedication our team put into this game recognized on such a prestigious stage. This award further strengthens our commitment to creating fun, innovative games that players truly enjoy.”
Galaxsys is passionate about developing innovative, engaging, and visually attractive games. Tower Rush exemplifies this dedication, combining exciting gameplay with interactive design to offer players a thrilling and rewarding experience.
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Industry Awards
The Best Performing Slot Game 2024 is Shining Crown Bell Link
EGT Digital is thrilled to announce that it won the Best Performing Slot Game 2024 award at last night’s prestigious SiGMA Europe Awards ceremony. This annual celebration, held as part of the SiGMA Europe summit in Malta, honours exceptional achievements to the iGaming industry, and we are incredibly proud to be recognized among the best. This marks our second award, as we also took the “Outstanding Contribution to Gaming 2024” prize at the B2B segment of the Awards.
Our slot game, Shining Crown Bell Link, earned this accolade for its appeal, popularity and performance. As a standout title in our Bell Link jackpot series, Shining Crown Bell Link has captivated players across global markets with its engaging gameplay and dynamic pay table. This thrilling twist on the classic fruity slot combines vibrant animations and an exhilarating four-level jackpot structure that players love to return to. The Bell Link jackpot series itself has become one of EGT Digital’s most successful products, and this prize is another proof of a job well done.
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Industry Awards
SOFTSWISS Becomes Best Platform Provider at SiGMA Europe Awards 2024
SOFTSWISS, a global tech expert with over 15 years of experience providing innovative iGaming solutions, has been awarded the Best Platform Provider at the SiGMA Europe Awards 2024. This accolade highlights the company’s unwavering dedication to delivering robust tech solutions that empower iGaming operators worldwide.
The SiGMA Europe Awards honours exceptional achievements in iGaming, bringing together industry leaders to celebrate the year’s top performers. To secure this award, candidates are assessed on innovation, impact, and business results to name just a few criteria. The past year for SOFTSWISS was marked by impressive growth and achievements, which influenced the positive evaluation by the expert jury.
In 2024, SOFTSWISS demonstrated significant progress across its portfolio. Recent accomplishments include the acquisition of Turfsport, expanding SOFTSWISS’ reach into the South African market, and investments in Ously Games, opening a new niche in the social entertainment sector.
Additionally, obtaining the first-ever B2B Tobique Gaming Licence in Canada, expanding into Bulgaria, and receiving the South African certification underscore the company’s continuous growth and adaptability in the global market. These strategic moves have elevated the SOFTSWISS iGaming ecosystem, with the SOFTSWISS Casino Platform at its core, to a new level, earning notable recognition from industry experts.
Vitali Matsukevich, COO at SOFTSWISS, comments: “Receiving the Best Platform Provider award reaffirms the success of our flagship product and our strategic direction in the iGaming sector. This achievement serves as positive feedback from the industry that our ecosystem approach is the right path forward. I am truly inspired to receive this award, and I would like to express a big thank you to our team for their dedication and professionalism and our partners for their trust!”
As an industry leader, SOFTSWISS has recently released the iGaming Trends 2025 report, offering an in-depth analysis of trends shaping the industry in the coming years. The SOFTSWISS team surveyed a broad spectrum of industry experts – including operators, game developers, technology providers, media professionals, and affiliate marketers – to gather insights across various segments of the market. Insights from SOFTSWISS leadership were also collected, leveraging their expertise and deep industry knowledge.
Additionally, the team conducted an AI-assisted review of 53.9K news headlines from major media sources between 1 January and 1 October 2024, to identify key trends, emerging issues, and industry shifts. Manual reviews of selected resources ensured a comprehensive understanding of both content and context.
About SOFTSWISS
SOFTSWISS is an international technology company with over 15 years of experience in developing innovative solutions for the iGaming industry. SOFTSWISS holds a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 23,500 casino games, the Affilka Affiliate Platform, the Sportsbook software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team, based in Malta, Poland, and Georgia, counts over 2,000 employees.
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